Question

The main
characteristics of J.H.F. business? and describe​

Answer 1

Answer:

The Joint Hindu Family Business is a distinct form of organisation peculiar to India. Joint Hindu Family Firm is created by the operation of law. It does not have any separate and distinct legal entity from that of its members.

CHARACTERISTICS:

1. Governed by Hindu Law:

The business of the Joint Hindu Family is controlled and managed under the Hindu law.

2. Management:

All the affairs of a Joint Hindu Family are controlled and managed by one person who is known as ‘Karta’ or ‘Manager’. The Karta is the senior most male member of the family

3. Membership by Birth:

The membership of the family can be acquired only by birth. As soon as a male child is born in family, he becomes a member. Membership requires no consent or agreement

4. Liability:

Except the Karta, the liability of all other members is limited to their shares in the business.

5. Permanent Existence:

The death, lunacy or insolvency of any member of the family does not affect the existence of the business of Joint Hindu Family. The family goes on doing its business.

6. Implied Authority of Karta:

In a joint family firm, only Karta has the implied authority to contract debts and pledge the credit and property of the firm for the ordinary purpose of the businesses of the firm.

7. Minor also a Partner:

In a partnership, minor cannot become co-partner though he may be admitted to the benefit of partnership. In a Joint Hindu Family firm minor is a partner

8. Dissolution:

The Joint Hindu Family Business can be dissolved only at the will of all the members of the family. Any single member has no right to get the business dissolved.

Explanation:

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Answer 2

Answer:

According to Mitakshara law, there is a son's right by birth in the property of joint family. It means, when a son is born in family, he acquires an interest in the property jointly held by the family. The business of the Joint Hindu Family is controlled and managed by one person who is called 'Karta' or 'Manager'.